(Adds details, background)
By Michael Flaherty
NEW YORK, March 13 Elliott Management's private
equity division was among the firms that provided financing to
Vista Equity Partners for its $3.6 billion purchase of Canada's
DH Corp, according to people familiar with the matter.
Evergreen Coast Capital Corp, the private equity group
within Elliott that the hedge fund has expanded in the last
year, offered around $400 million in preferred equity for the
deal, people familiar with the matter said, in the group's first
successful deal financing since launching last year.
Evergreen's role in the DH Corp deal shows how Elliott, the
$31 billion multi-strategy hedge fund, shareholder activist and
distressed debt investor, is seeking to increase its role in
private equity deal financing.
Evergreen, based in Menlo Park, California, hired Eoin Duane
late last year from Guggenheim Partners to oversee its financing
business, people familiar with the matter told Reuters.
Vista's deal on Monday was not the first time Evergreen has
peddled its lending services.
The group offered financing to the private equity firms
circling MSC Software when the company was up for sale earlier
this year, people familiar with the matter said. Evergreen never
struck a financing deal because Swedish software maker Hexagon
beat out private equity bidders, agreeing last month to pay $834
million for MSC.
Elliott also offered financing to private equity firm Thoma
Bravo when it agreed to buy Qlik Technologies for $3 billion
last June, people familiar with the matter said, though the
buyer did not take Elliott up on the offer.
New York-based Elliott launched Evergreen last year, after
founder Paul Singer, senior portfolio manager Jesse Cohn and
other senior leaders decided to ramp up the hedge fund's ability
make private equity-style investments.
Elliott declined to comment. A Vista spokesman did not
immediately return a call seeking comment.
(Reporting by Michael Flaherty, additional reporting by Liana
B. Baker; Editing by Diane Craft and Meredith Mazzilli)